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RBI tightens security measures for the online shopping ride!

For online shopping, additional authentication pass code to be verified by VISA or MSC from August 1, 2009 onwards.

Bienu Vaghela

10 Aug 2009

A
recent directive from RBI makes it having an additional
authentication pass code verified by VISA or MSC (Master Secure Code)
mandatory. This is over and above what is visible on your card. This
is in effect from August 1, 2009 onwards.

Let's see
what all it entails for the banks, customers and e-commerce players

Indeed it means
extra security for customers thus making online shopping safer, for
banks, it is extra security blanket to curb misuse of card while
shopping on line and additional work of issuing these pass codes and
for e commerce players, impacting business, owing to additional
authentication steps with which customers will take a while to
acquaint.

So all you
shopaholics, watch out! Come August 1 and you make an online
transaction, you will have to enter this additional password given by
the merchant. This is commonly known as VBV - Verified by Visa or MSC
- MasterCard SecureCode. This additional security will known only to
the card holder so in case even if someone takes your card number he
will not be able to use it online for the want of PIN which you only
know.

A call to HDFC
bank's call center revealed that they already have system called
NetSafe in place which generates a code which can be used only one
time, besides there is virtual key board that enhances the security
if one is shopping from public PC. The directive which was issued by
RBI in February 2009 comes in force from August 1, not only this, the
directive also mandates a system of online alerts to the card holder
for all Card not Present transactions if it exceeds the amount
of Rs. 5000. The circular adds that banks would be penalised for
non-adherence to the directive under the Payment and Settlement
Systems Act 2007.

So the next
question which crossed my mind, how all this is going to function?

The person in
HDFC bank branch was kind enough to explain the questions posed by
the curious customer like me obviously oblivious of the larger
purpose to provide fodder for my article.

He said, once
your card is activated with the Verified by Visa / Master Secure
service, your card number will be recognized whenever you make an
electronic payment. After you provide your credit card details
online, you will be redirected to your issuer website and then
required to specify your Verified by Visa / Master Secure
authentication details. Your identity will be verified, and the
transaction will be completed. Based on the authentication provided
by your issuer, the transaction will be processed and you will get a
confirmation.

According
to HSBC Bank, any online purchase made, at such a registered
merchant with your HSBC credit card will be declined if you have not
yet registered the card for HSBC's Secure Online Payment Service.
However, so as not to cause you any inconvenience for purchases that
one makes before registration, HSBC will exceptionally process the
payment through a secure conditional authentication upon successful
verification of customer's personal information. But bank stresses
that customers register with SecurePay to ensure the maximum
protection from online credit card fraud.

SBI Cards
already have a process in place and it only processes transactions
that are verified by a separate password. Now the customers will be
required to create a password that they would have to enter when
transacting online. SBI Card has gone live with these measures on
July 1. However, customers have been given some leeway and can do up
to three transactions without a password. Most foreign lenders
including Citibank already require customers to have an I-PIN before
they can use their credit cards to transact online.

The
additional security blanket provided by RBI will certainly prove a
milestone in curbing the online fraud prevalent in the country,l so
countrymen can breathe easy now.

Besides
as an On line shopholic you take few more measures to make your
shopping more enjoyable like keeping your computer secure and the
access to it, avoid sending credit card or account details by e-mail,
reject any email that asks you to follow a link to website and input
account details for verification - even if the website looks
authentic and make sure you log out of your online account when
finished - especially at work and net cafes.